Asia Pacific Biometric Payment Cards Market Size, Share & Industry Trends Analysis Report By Card Type (Credit Cards and Debit Cards), By End Use (Retail, Hospitality, Transportation, Healthcare, Government), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Biometric Payment Cards Market would witness market growth of 70.0% CAGR during the forecast period (2022-2028).
Biometric payment cards have a variety of advantages that go along with these current trends. Biometrics gives an added degree of protection to clients that are becoming increasingly accustomed to the simplicity of purchasing contactless cards. Users pay for any purchases in the same way with a standard contactless card, but the transfer is verified through a fingerprint match. Importantly, it has been proven that matching a fingerprint is safer than a four-digit PIN. If a fingertip does not match, such as when a card is looted, the transaction must be completed with a PIN or signature.
While eliminating contactless limits could lead to an increase in expenditure, banks could charge clients for utilizing the service. Many people have shown willingness to pay a monthly fee. The vast majority would pay a range of a certain amount each month. The banks should upgrade its contactless payment cards to include biometrics.
India's BFSI sector is planning to invest substantial amount in order to promote biometric and contactless payment modes, and is expected to grow. There are many public sector banks, private sector banks, foreign banks, regional rural banks, urban cooperative banks, and rural cooperative banks in India's banking system. Public sector banks had significant total banking assets. Total assets in the public and private banking industry were multiple billion amounts. India is one of the world's fastest-growing FinTech marketplaces. With China, India has the highest FinTech adoption rate in the world.
In 2017, the Indian insurance market had substantial gross written premiums. India contributes a significant share of the total value of the Asia-Pacific insurance market. The fast speed of modern living in this region, as well as expedited business processes and decision-making, have all created a demand for quick and dependable data and information access. Also, people of this region are seeking simple yet advanced digital payment methods to initiate monitory transactions in quick time. Mobile gadgets, which have become pervasive, provide easy access to the information world.
The China market dominated the Asia Pacific Biometric Payment Cards Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $228.5 Million by 2028. The Japan market is poised to grow at a CAGR of 68.9% during (2022 - 2028). Additionally, The India market would display a CAGR of 71.3% during (2022 - 2028).
Based on Card Type, the market is segmented into Credit Cards and Debit Cards. Based on End Use, the market is segmented into Retail, Hospitality, Transportation, Healthcare, Government, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG, NXP Semiconductors N.V., Thales Group S.A., Visa, Inc., Mastercard, Inc., IDEX Biometrics ASA, Zwipe, Bio-idz, and Goldpac Group.
Scope of the Study
Market Segments Covered in the Report:
By Card Type
- Credit Cards
- Debit Cards
By End Use
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Infineon Technologies AG
- NXP Semiconductors N.V.
- Thales Group S.A.
- Visa, Inc.
- Mastercard, Inc.
- IDEX Biometrics ASA
- Goldpac Group
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